By Matt McLaughlin

Rush Limbaugh repeatedly touched on the Securities and Exchange Commission's charges of fraud against Goldman Sachs on his show today. Yesterday, he pushed a conspiracy theory that the Obama administration coordinated with Goldman to time the announcement; today, he worked up a theory that “Goldman is in on this” and will take whatever punishment the SEC hands out as long as it can be “in bed with the Obama administration.” Next, Rush called New Jersey teachers who are upset that Gov. Chris Christie is considering salary freezes at the state's schools “freeloaders,” a term he used later in reference to those on unemployment. Later, Rush stated that Obama is “dismantling” our capitalist system “without firing a shot.” He then went on a lengthy tirade against Obama, complaining that Obama has taken over the health care and the auto industries and that questioning Obama's competence means risking being accused of sedition. Rush further explained the “big difference” between “the people on our side” and “the people on the regime's side,” stating that “Obama's crowd joined the North Vietnamese in the Vietnam war.”

Early in second hour, Rush said that Obama “never triumphs in the arena of ideas” and that he succeeds by using “thuggery.” As an example of Obama's thuggery, Rush repeated the conservative attack that Obama got his first opponent for Illinois Senate thrown off the ballot. Later, Rush said that “buying a General Motors or Chrysler car is a campaign donation in kind, at least” to Obama. Rush repeated his attack that Obama “doesn't know diddly-squat” but now runs the health care, auto, and financial industries. Late in the second hour, Rush read extensively from a post at the Bookworm Room blog about how liberals are afraid to listen to the Limbaugh Show because they're afraid they'll be convinced Rush is right. Rush liked the post so much that he read more from it again at the start of the third hour. During a discussion of remarks made by former ACORN CEO Bertha Lewis, Rush said that ACORN was “right in the middle of the subprime mortgage crisis.” This echoed a claim he made last year. It was false then too. Next, Limbaugh repeated Dick Morris' claim that Bill Clinton reappointed Janet Reno as attorney general because she threatened to “spill the beans” about the Waco incident. Limbaugh seemed unaware that Morris has since admitted that he fabricated the claim.

Toward the end of the show, Limbaugh played a clip of White House press secretary Robert Gibbs stating that Obama would not return campaign contributions from Goldman Sachs employees. This prompted a brief rant: “What about Jack Abramoff? I mean, where's the outrage here? Isn't Goldman's money as dirty as Abramoff's is?”

Here are some highlights from the show:

Limbaugh cites cause of his Goldman conspiracy theory: "[T]here are already so many former Goldman people" in government

Rush reads from NY Post column saying Wall St. contributions to Obama “bought the rope he's using for their hanging”

Limbaugh: “What's Obama doing to our capitalist system? Is he not totally dismantling it? ... All without firing a shot”

Rush suggests that questioning Obama's competence means risking being accused of “engaging in sedition”

Rush says “Obama's crowd joins the North Vietnamese in the Vietnam War”

Rush acknowledges SEC chair Schapiro was originally nominated by Reagan but claims she's a Democrat

Rush says Obama “doesn't like this country much” and “really has it in for some Americans”

Rush accuses Obama of “lying” about his agenda and that he will pick “hardest left judge that he can get confirmed”

Limbaugh says “buying a General Motors or Chrysler car is a campaign donation in kind, at least” to Obama

Limbaugh: “The Haiti relief effort is nothing more than an excuse for the United Nations to pay itself”